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NZD/USD Daily Technical Analysis | 29 August 2017

2017-08-29 06:31 am | Resource: Technical Analysis section | No Views : 168

NZD/USD failed to breach the resistance level of 0.7250 3 times during the last two trading days, as a result of the loss of determined buyers.

NZD/USD Daily Technical Analysis | 29 August 2017

Our neutral view of NZD/USD as it failed to stabilize above the bullish trend line and break it and currently retesting it, the SMA is a very important support for the pair.
RSI 14 is trading in a bearish direction as a break of the rising trend line during today's Asian session, despite the breach of the 50 level, but it started to point down to indicate a severe weakness in the buyers. The ADX index is in a negative cross between its red and green index, but trading below the 20 level reduces the importance of its signal.
From the above we conclude that the pair does not provide trading opportunities currently and prefer to continue and wait until it breaks through the initial resistance and technical indicators agree with each other or fail to penetrate and technical indicators are all negative.
It is expected that if the New Zealand currency crosses against the US currency the level of 0.7250 might target the level of 0.7275 and if the pair breaks the level of 0.7230 may target the level of 0.7191.
Support: 0.7191 - 0.7170 - 0.7147
Resistance: 0.7250 - 0.7275 - 0.7330
Trend: neutral


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